Cairo – Mubasher: The consolidated financial statements of Arabia Investments, Development, and Financial Investment Holding Co on Monday showed a 27.7% year-on-year drop in losses for the first half of 2017 on the back of lower costs.
The company’s losses amounted to EGP 16.3 million in H1-17, versus EGP 22.56 million in H1-16, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX).
Revenues retreated to EGP 586.87 million in H1-17, compared to EGP 786.13 million in the prior-year period.
On the other hand, Arabia Investments narrowed the cost of its operations to EGP 493.09 million in H1-17 from EGP 710 million in the corresponding period of 2016, which helped to lower the firm’s semi-annual losses.
Arabia Investments achieved profits of EGP 1.1 million in the three months ended March 2017, versus losses of EGP 32.8 million in the same period last year, including minority shareholders’ rights.
